Summer Myatt
Databricks has closed its Series I funding after receiving new investments from AT&T and other strategic partners, placing the company at a $43 billion post-money valuation.
The funding will go towards accelerating the development of artificial intelligence technologies, generative AI research and hiring new talent with data science and engineering expertise, the San Francisco, California-based company said Friday.
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“Generative AI adoption is a top priority for every CEO today,” said Databricks Co-Founder and CEO Ali Ghodsi. “Databricks’ multicloud architecture enables organizations to preserve privacy and control over their data when moving to AWS, Google Cloud, or Microsoft Azure to build Gen AI solutions. With our partners, we can accelerate the development of our platform and deliver business value faster for our customers.”
Databricks’ platform brings together data, analytics and AI through a single platform that customers can use to gain insights into enterprise data and more quickly develop generative AI tools. AT&T, Sanabil Investments and QIA join Databricks’ existing investors such as Amazon Web Services, Microsoft, NVIDIA and CapitalG.
Andy Markus, chief data officer at AT&T, acknowledged the importance of AI technology to the “future of business and society” and said the company is excited to deepen its relationship with Databricks as they “help usher in a connected generative AI generation.”
In October, Databricks agreed to acquire Databricks Ventures portfolio company Arcion in an estimated $100 million transaction. The company also recently listed its Databricks platform in the AWS Marketplace, making it available for use by U.S. Intelligence Community customers.
